VinFast continues its upward trend, with its market capitalization reaching $30 billion.

VietNamNet•29/09/2023

Opening the official trading session on September 29th on the US Nasdaq stock exchange (evening of September 29th in Vietnam time), shares of VinFast Auto (VFS), owned by billionaire Pham Nhat Vuong, rose for the second consecutive session from a low of $11, the lowest level since listing on the US Nasdaq on August 15th.

As of 9:10 PM on September 29th (Vietnam time), VFS shares had increased by more than 4% compared to the previous trading session, reaching $13 per share.

At its current price, VinFast Auto (VFS), owned by billionaire Pham Nhat Vuong, has a market capitalization of over $30 billion.

With this market capitalization, VinFast is slightly ahead of India's Tata Motors and ranks 16th among car manufacturers worldwide .

If only electric vehicle manufacturers are considered, VinFast ranks fourth after Tesla, owned by billionaire Elon Musk (with a market capitalization of $801 billion as of September 29th); BYD of China ($92 billion) and Li Auto of China ($35.4 billion).

*The stock rebounded for the second consecutive session after falling from $93 to $11 per share.*

Over the past 16 trading sessions, VinFast shares have fluctuated between $12 and $18 per share. On September 28th, VinFast recorded a trading volume of over 5 million units, nearly double that of some of the preceding sessions.

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Domestically, VinFast has an advantage thanks to its charging station network with over 150,000 charging ports for motorcycles and cars nationwide. However, the company also faces increasing competition from low-cost Chinese brands such as Wuling HongGuang's MiniEV, priced from just 239 million VND.

VinFast also has a small car model called the VF 3, but it hasn't been offered for sale yet.

On September 29th, VinFast launched the VF 6 version (a B-segment SUV).

Investors are currently interested in seeing how the public offering of over 75 million shares by shareholders will perform.

*VinFast's market capitalization surpasses that of India's Tata Motors.*

According to the plan, two private investment companies owned by Mr. Pham Nhat Vuong, VIG and Asian Star, will offer 46.29 million VinFast shares to the market, equivalent to approximately 2% of the outstanding shares.

VinFast is the first company to launch a Vietnamese car brand. This is an advantage when selling products in the domestic market. However, electric vehicles are still a novelty not only for Vietnamese consumers but also for the world.

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Even VinFast CEO Le Thi Thu Thuy herself admitted that whether or not they "can do it" depends on VinFast.

According to its Q2 2023 financial report, VinFast sold a total of over 11,300 cars in the first half of the year.

Currently, billionaire Pham Nhat Vuong's GSM taxi company is present in many provinces and cities nationwide. GSM plans to expand its Green SM brand to 27 provinces and cities across the country in 2023.

VinFast rebounds after 6 consecutive days of decline, market capitalization rises to $28 billion . VinFast shares have surged again, jumping more than 10% after 6 consecutive days of decline, bringing its market capitalization to over $28 billion. At the current price, VinFast Auto's market capitalization stands at over $28 billion.

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